Wednesday, May 15, 2013

Petro America: guilty verdicts all around

Posted By on Wed, May 15, 2013 at 2:14 PM

Petro America boosters are looking at jail time
  • petroamericacorp.com
  • Petro America boosters are looking at jail time

The jury in the Petro America case has returned guilty verdicts for all defendants in the Petro America trial.

The trial, which started April 17, went to the jury around noon Tuesday. Deliberation lasted nearly 24 hours.

Isreal Owen Hawkins was the CEO of a Kansas City company that held itself out as a natural-resources company which had generated $284 billion in revenues.

But, as prosecutors in federal court proved to a jury, the company was just a front for an affinity scam that took in hundreds, if not thousands, of investors who won't see a return.

Hawkins represented himself, thinking he could do a better job than a court-appointed counsel.

He now faces up to 79 years in prison.

Hawkins had his bond revoked and was immediately taken into custody following the verdicts.

A bond hearing is expected next week to determine if he can remain out on bond while awaiting sentencing.

Sentencing has not yet been scheduled.

Tags: , ,

Comments

Subscribe to this thread:

Add a comment

More by Steve Vockrodt

Most Popular Stories

Slideshows

All contents ©2014 Kansas City Pitch LLC
All rights reserved. No part of this service may be reproduced in any form without the express written permission of Kansas City Pitch LLC,
except that an individual may download and/or forward articles via email to a reasonable number of recipients for personal, non-commercial purposes.

All contents © 2012 SouthComm, Inc. 210 12th Ave S. Ste. 100, Nashville, TN 37203. (615) 244-7989.
All rights reserved. No part of this service may be reproduced in any form without the express written permission of SouthComm, Inc.
except that an individual may download and/or forward articles via email to a reasonable number of recipients for personal, non-commercial purposes.
Website powered by Foundation